Day trading guide for today: Six stocks to buy or sell on Monday — July 10

Day trading guide for today: Indian stock market snapped its seven day rally and ended in red territory on Friday last week. 50-stock index Nifty lost 165 points and closed at 19,331 levels, 30-stock index BSE Sensex dipped 505 points and ended at 65,280 levels while Bank Nifty index corrected 414 points and finished at 44,925 mark, losing the psychological 45,000 crucial support. Broad market too witnessed profit booking as small-cap and mid-cap indices went down 0.28 and 0.76 per cent respectively.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The immediate supports like ascending resistance line as per change in polarity and daily 10 period EMA are placed around 19,200 levels, which could be an immediate cluster support for the market on further weakness ahead. Any upside bounce from here could encounter strong hurdle at 19,425 levels."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "In Bank Nifty heavy call writing was observed at 45,000 Strike. It has taken support from the 38.2% Fibonacci Retracement of 44,846 drawn from the low of 43,520 made on 23rd June to the high of 45,656 made on 4th July. A break below the 38.2% retracement level can take Bank Nifty to 44,500, where its next visible support is placed."

Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Globally, sentiments turned sour after strong US private jobs data raised the probability of interest rate hikes by the Fed in its upcoming meeting. Investors look ahead to the release of the latest US nonfarm payrolls late Friday to provide further clues into the Federal Reserve's policy outlook."

On triggers that may dictate Indian stock market today, Motilal Oswal expert said, "Going forward, markets are likely to sustain the current momentum, as stock-specific action will pick up with the onset of the Q1FY24 earning season. India’s retail Inflation data to be released next week would also provide some cues. The technology sector is likely to remain in focus with TCS and HCL Tech announcing their result on Wednesday followed by Wipro on Thursday’."

Stocks to watch today

Two dividend stocks are going to trade ex-dividend today and those two shares are LTIMindtree and Onward Technologies. LTIMindtree is trading ex-dividend today for finding out eligible shareholders for payment of ₹40 per share final dividend for the financial year 2022-23.

Likewise, Board of Directors of Onward Technologies Ltd has declared final dividend of ₹3 per share for its eligible shareholders. The board has also fixed record date for final dividend on 10th July 2023.

Apart from these dividend stocks, stock investors are expected to remain vigilant about the board meeting of Xchanging Solutions Ltd. The board of directors of the company are going to consider and approve proposal for interim dividend in its meeting scheduled today.

F&O ban list

Four stocks have been put in ban for trade on 10th July 2023 and those four stocks are BHEL, Delta Corp, Granules India and India Cements.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.

Sumeet Bagadia's stocks to buy today

1] Tata Consultancy Services or TCS: Buy at ₹3330, target ₹3405, stop loss ₹3285.

The daily chart indicates a strong long-term consolidation pattern, characterized by the price remaining within a relatively narrow range. Furthermore, TCS share price has managed to close above previous two days closing. The RSI is gradually trending higher, indicating increasing buying interest. Additionally, the price is approaching to close above middle Bollinger Band. It is worth noting that IT stocks may gain momentum in next few days.

2] IGL: Buy at ₹495.30, SL @ ₹480, TGT @ ₹520.

IGL share price is currently trading around ₹495.30 levels. The stock was facing multiple resistances in the range of ₹480 to ₹485 levels. The stock is trading above all the important moving averages. The stock has strongly moved on higher side and hence we can witness a breakout on charts. This breakout is supported with good volumes which indicate strength. Now any dip in the stock around ₹490 levels will be a buying opportunity. The stock can now further move towards ₹520 levels and higher. The investors holding from lower levels should keep trailing stop loss.

Anuj Gupta's buy or sell stocks

3] Suzlon: Buy at CMP, target ₹23, stop loss ₹14.50.

Strong breakout on the charts, fundamentally raising the funds, higher top higher bottom formations.

4] Bank of Maharashtra: Buy at CMP, target ₹38, stop loss ₹28.

Strong breakout, bullish trend visible on the chart pattern. Strong fundamentals to support as Bank of Maharashtra business grew by 24.82 per cent in June 2023.

Ganesh Dongre's intraday stocks for today

5] Uflex: Buy at ₹433, target ₹455, stop loss ₹423.

In the short-term trend, Uflex share has a bullish reversal pattern, technically retrenchment could be possible till ₹455. So, holding the support level of ₹423 this stock can bounce toward the ₹455 level in the short term. Hence, the trader can go long with a stop loss of ₹423 for the target price of ₹455.

6] Concor: Buy at ₹670, target ₹690, stop loss ₹650.

On the short-term chart, the Concor share price has showing a bullish reversal pattern, so holding the support level of ₹650 this stock can bounce toward the ₹690 level in the short term. so, the trader can go long with a stop loss of ₹650 for the target price of ₹690.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.